First National Bank (Grandfield, OK)

View Charter #10006 on SPMC View balance sheet

Episode Information

Episode UID
1000601483
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
100060 national
Charter Number
10006
Start Date
July 21, 1923
Location
Grandfield, Oklahoma (34.228, -98.685)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b4501060435ab00

Response Measures

None

Receivership Details

Depositor recovery rate
23.0%
Date receivership started
1923-07-21
Date receivership terminated
1926-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
12.1%
Share of assets assessed as doubtful
37.9%
Share of assets assessed as worthless
50.0%

Description

Newspapers state the bank failed June 7, 1923, but government-record receivership date is 1923-07-21; using official receivership date as authoritative.

Events (6)
1. May 3, 1911 Chartered
Source
historical_nic
2. July 21, 1923 Receivership
Source
historical_nic
3. July 21, 1923 Receivership
Newspaper Excerpt
The bank failed June 7, 1923...a federal bank receiver took charge of the bank and its assets were sold.
Source
newspapers
4. June 26, 1924 Other
Newspaper Excerpt
Permission to settle an account ... by Irving Page, receiver of the First National bank of Grandfield, in application filed in district court
Source
newspapers
5. May 29, 1925 Other
Newspaper Excerpt
On trial are ... officials at the time of the failure of the bank. The three are all made defendants on an indictment containing five counts, one of which is embezzlement.
Source
newspapers
6. May 25, 1926 Other
Newspaper Excerpt
Mrs. A. Baker has filed suit ... for the recovery of $10,451.19... when a federal bank receiver took charge of the bank and its assets were sold.
Source
newspapers

Newspaper Articles (4)
1. June 26, 1924 The Frederick Leader Frederick, OK
Article from The Frederick Leader, June 26, 1924

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Article Text

BANK RECEIVER IN APPLICATION TELLS OF HIGH FINANCING Permission to settle an account with the Superior Oil corporation of Lexington, Kentucky, by payment on part of the corporation of $6,000, is asked by Irving Page, receiver of the First National bank of Grandfield, in application filed in district court. The application tells an interesting story of high finance between the bank and the Superior corporation. The bank failed June 7, 1923. It is recited that on March 4, 1922, the bank was indebted to the Superior Oil corporation in the sum of $54,983.88, and that it delivered to the corporation notes and securities in the amount of $64,207.35. It is also said that on February 9, 1923, the Superior Oil corporation and the First National bank of Wichita Falls, Texas, advanced the Grandfield bank $2500 each, taking therefor securities in the sum of $5,800. At a subsequent date, it is said, the oil corporation bought $21,000 of the notes of the First National bank of Grandfield from the Federal Reserve bank, paying therefor $13,500. The receiver holds that this action was treating the Superior Oil corporation as a preferred creditor, but says that the corporation professes to (Continued on Page 2.)

2. July 4, 1924 The Big Pasture News Grandfield, OK
Article from The Big Pasture News, July 4, 1924

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Article Text

BANK RECEIVER IN APPLICATION TELLS OF BANKS HIGH FINANCING Permission to settle an account with the Superior Oil corporation of Lexington, Kentucky, by payment on part of the corporation of $6,000, is asked by Irving Page, receiver of the First National bank of Grandfield, in application filed in district court. The application tells an interesting story of high finance between the bank and the Superior corporation. The bank failed June 7, 1923. It is recited that on March 4, 1922, the bank was indebted in the sum of $54,983.88, and that it delivered to the corporation notes and securities in the amount of $64,207.35. It is also said that on February 9, 1923, the Superior Oil corporation and the First National bank of Wichita Falls Texas, advanced the Grandfield bank $2500 each taking therefor securities in the sum of $5,800. At a subsequent date, it is said, the oil corporation bought $21,000 of the notes of the First National bank of Grandfield from the Federal Reserve bank, paying therefor $13,500. The receiver holds that this action was treating the Superior Oil corporation as a preferred creditor, but says that the corporation professes to have no knowledge of the condition of the bank, which subsequently resulted in the bank being closed. He says that he and representatives of the Superior corporation have made earnest efforts to reach an equitable settlement, and that they have finally come to an agreement by which the Superior offers to pay the receiver $6,000 in settlement. He asks that the court authorize him to accept this payment in settlement.

3. May 29, 1925 The Frederick Leader Frederick, OK
Article from The Frederick Leader, May 29, 1925

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Article Text

JURY COMPLETED FOR TRIAL OF 3 GRANDFIELD MEN United Press. Guthrie, May 29-The selection of the jump=for the trial of three officials of the First National bank in Grandfield, defunct institution, which started Thursday in federal court here, was concluded today. The taking of testimony in the case began at two o'clock. On trial are O. E. Mapel, A. E. Rasmusson and Earl Lear, all, of whom were officials at the time of the failure of the bank. The three are all made defendants on an indietment containing five counts. one of which is embezzlement. Their cases are being tried together.

4. May 25, 1926 The Frederick Leader Frederick, OK
Article from The Frederick Leader, May 25, 1926

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Article Text

SUES TO RECOVER BIG BANK DEPOSIT Mrs. A. Baker has filed suit in et al., directors and officers of the First National Bank of Grandfield, for the recovery of $10,451.19, which she claims to have deposited in the bank March 15, 1923. Plaintiff alleges that the defendants knew that the bank was insolvent when the deposit was made, that they came to her and solicited her to place her money in the bank, and at that time represented the bank to be in a solvent and thriving condition. Mrs. Baker deposited $13,451.19 in the bank, but on June 7, 1923, when a federal bank receiver took charge of the bank and its assets were sold, she was repaid $3,000, and she now asks judgment for the remainder, $10,451.19, with six per cent interest from June 7. 1923.